Citigroup Increases McKesson (NYSE:MCK) Price Target to $620.00

McKesson (NYSE:MCK) had its price target lifted by investment analysts at Citigroup from $575.00 to $620.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 16.71% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Morgan Stanley raised their target price on McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Mizuho upped their target price on McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a research report on Monday, February 26th. StockNews.com upgraded shares of McKesson from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Finally, SVB Leerink started coverage on McKesson in a research report on Monday, February 26th. They set an “outperform” rating and a $600.00 price objective for the company. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $536.71.

McKesson Stock Down 1.1 %

MCK opened at $531.21 on Tuesday. The business has a fifty day simple moving average of $529.73 and a 200-day simple moving average of $491.30. The firm has a market cap of $69.81 billion, a PE ratio of 24.07, a P/E/G ratio of 1.42 and a beta of 0.45. McKesson has a fifty-two week low of $352.34 and a fifty-two week high of $544.81.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 EPS for the quarter, beating analysts’ consensus estimates of $7.05 by $0.69. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The company had revenue of $80.90 billion during the quarter, compared to analyst estimates of $77.93 billion. During the same period in the prior year, the firm earned $6.90 earnings per share. The business’s quarterly revenue was up 14.8% on a year-over-year basis. On average, equities research analysts anticipate that McKesson will post 27.59 EPS for the current fiscal year.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,473 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the completion of the sale, the chief executive officer now owns 43,445 shares in the company, valued at approximately $22,789,074.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Leann B. Smith sold 186 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares in the company, valued at $749,456. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian S. Tyler sold 3,473 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the transaction, the chief executive officer now directly owns 43,445 shares of the company’s stock, valued at approximately $22,789,074.75. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of McKesson in the 4th quarter valued at $1,024,140,000. International Assets Investment Management LLC lifted its stake in McKesson by 1,044.5% during the fourth quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock worth $380,228,000 after purchasing an additional 749,504 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of McKesson by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,148,794 shares of the company’s stock valued at $2,238,953,000 after purchasing an additional 708,438 shares during the period. TD Asset Management Inc raised its holdings in shares of McKesson by 202.8% in the 4th quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after buying an additional 403,312 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of McKesson by 14.0% during the 3rd quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock worth $1,042,937,000 after buying an additional 294,832 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.